
Demonstrate Fundamentals of Accounting
This unit equips learners with essential knowledge and skills in the principles and practices of accounting. It focuses on understanding accounting concepts and conventions, applying the double-entry system, classifying capital, assets, and liabilities, and correcting accounting errors through suspense accounts. Learners will also gain competence in preparing financial statements for different forms of business ownership including sole proprietorships, partnerships, and limited companies.
By the end of the unit, learners will be able to:
- Apply fundamental accounting principles and policies.
- Record business transactions using the double-entry system.
- Classify and distinguish between various types of capital, assets, and liabilities.
- Detect and correct errors in accounting records.
- Prepare financial statements for sole traders, partnerships, and companies.
- Teacher: Admin User
